If you have missed the happening of startup world, here is the recap for you. Mentioned below are the 11 news which made headline during this week.
On-Demand Startup Jugnoo Becomes First Profitable Company
Jugnoo, which initially began its journey as auto-rickshaw aggregator has become the first company in India in on-demand space to become profitable on an Earnings before interest, tax, depreciation and amortization (EBITDA) basis.
The hyperlocal startup, which offers a diverse range of services like rides, ready to eat meals, restaurant food delivery, grocery and business to business delivery has leave behind its competitors and is still on a spree to invest huge bucks in the market without being able to drive out any sufficient returns. The company’s total revenue recorded for last quarter was Rs 11.5 Crores which has grown by an impressive 15 percent.
Hyderabad’s ISB To Incubate 50 Startups; Launches Virtual Startup Incubation/ Acceleration Unit
The Indian School of Business ( ISB) has launched the facilities for its virtual startup incubation and acceleration arm DLabs in Hyderabad. For this year, ISB has set an aim of incubating at least 50 companies. The virtual incubation program took birth two years ago in 2015 and has recorded the mentoring of 32 startups till now. Established in partnership with the Department of Science and Technology, Government of India, the virtual incubation program will now come under ISB’s Centre for Innovation and Entrepreneurship (CIE), which aims to foster a vibrant ecosystem for the creation and growth of enterprises.
12 Startups Receives Grant From Karnataka Government
Karnataka Government has announced the grants of Rs 3.18 crore to 12 startup companies in the state. The startups, identified by the Karnataka Department of Information Technology and Biotechnology, specialise in a wide range of specialities, skills, and industries, such as agriculture, biotech, security, communications, and robotics. The startups are selected on the grounds of the application of the technology, practicality, feasibility and innovation. Here is the detail information about the selected startups.
China’s Guizhou Open Doors For Indian Entrepreneurs
Good news for Indian startups. The Indian government and Nasscom have recently entered into a memorandum of understanding (MoU) with China’s Guizhou, a mountainous province located in southwest of the country to encourage Indian entrepreneurs to set up their businesses in China.
Commenting on the MoU signed between Guizhou and the Indian government, Nasscom, Sun Zhigang, Guizhou’s governor said that Indian businesses coming here could take advantage of the favourable policy environment, availability of resources and convenient transportation facilities in order to spur the growth of their startups/businesses.
Cisco’s Chairman Announces $70 Mn Fund for Indian Startups
Cisco’s executive chairman, John Chambers has revealed that the global network giant has launched a $70 million fund dedicated exclusively for Indian startups. He further shared that the booming Indian Startup ecosystem has got him so excited that he might even consider investing some money of his own in the ecosystem in the near future.
Cisco’s relationship with India goes way beyond the $70 million startup fund. 22 years ago in 1995, the US-based company that is widely acknowledged for revolutionising the world of digital networks set up its second world headquarters in India, its largest outside its home country, United States.
Incubators, Co-Working Space For Startups In Every Parliamentary Constituency
Nirmala Sitharaman, the Commerce and Industry Minister has written a letter to all Members of Parliament (MPs) to consider setting up co-working spaces/incubators for startups in their constituency under the Members of Parliament Local Area Development Scheme Fund (MPLADS).
In the letter Sitharaman said the ‘Startup India’ initiative of the Government of India envisions building a strong eco-system for nurturing innovation in the country and empowering Startups to grow through innovation and design. She said the Government has been making all-out efforts towards realizing the vision of the Startup India Mission.
Uber Launches UberEATS in Delhi, NCR
Uber has launched the UberEATS service in Delhi, NCR starting with Gurugram. Partnering with over 300 restaurants, consumers can now order their favorite food at the tap of a button. To successfully scale the business across the region, Faiz Abdulla has been appointed as the General Manager for UberEATS in Delhi.
UberEATS will give local restaurants in Delhi, NCR a reliable delivery option, effectively expanding their capacity and reach to be able to service a whole new network of potential customers. In addition to that, hundreds of delivery partners in the region will now also have access to more flexible earning opportunities.
Amazon’s Jeff Bezos To Invest More In India
Amazon plans to continue to invest in India in order to march closely with competitors in the country who are pouring in billions in funding. It’s been four years since Amazon entered Indian market and unlike China the company has been able to gain ground over local competitors like Flipkart and Snapdeal. India is now Amazon largest market in the World outside the US.
This is interesting to see that inspite of the fact that CEOs of Indian startups crying foul over US-based companies doing business in India PM Modi still held meeting with tech CEOs of US companies demanding to invest more in Indian market.
Israel’s OurCrowd To Fund Indian Startups; Joins Hand With LetsVenture
OurCrowd has signed a strategic collaboration agreement with LetsVenture, India’s marketplace for startup funding. As part of this partnership, OurCrowd will offer curated deals to Indian investor syndicates managed by LetsVenture, as well as showcase Indian startups on OurCrowd’s platform, giving selected Indian startups access to accredited investors globally and to business development opportunities.
OurCrowd and LetsVenture will be also be collaborating on an ‘India Fund’ to invest in Israeli, Indian and global startups. The investment into this fund would primarily be from family funds and HNWIs in India and OurCrowd’s global network of accredited investors.
First Government Owned Co-working Space For Startups In Mangaluru
Indian government to launch first government-owned co-working space for startups in Mangaluru. The initiative is being led by Nirmala Sitharaman, Commerce and Industry Minister as part of the Member of Parliament Local Area Development scheme. With this initiative, government wants to create space for hardware development and experimentation with readily available 3D printing equipment. Co-working space will offer cutting-edge technology such as 3D printing along with new-age digital infrastructure, such as high-speed Internet.
TO THE NEW Designs, Develop Startup India Hub’s Web portal and App
TO THE NEW, a Noida-based leading digital technology company has designed and developed the web portal and mobile applications for Startup India Hub, an initiative by Invest India, the official Investment Promotion and Facilitation Agency of the Government of India. Recently launched by government’s Invest India and commerce ministry, Startup India Hub is our country’s first digital platform developed to boost the startup ecosystem and facilitate investments into India.